Wells Fargo Reshuffles Board With Scandal-Ridden Insiders
by David Dayen
Posted September 4, 2017
Wells Fargo, the current poster child for corporate crime recidivism, announced that three of its board members would step down at the end of the year, in a nod to the company’s many incidents of customer abuse. But, in an example of what passes for accountability in the modern age, they did not claw back any compensation from those board members. Instead, the departing board members were allowed to take an early retirement. And the replacements are either already on Wells Fargo’s payroll, or come from close corporate partners.
The board members will not have to give back annual salary, bonuses or stock options. They just get to move along. Wells Fargo described the changes in a statement as part of their “commitment to refreshment” of the board. This is part of a pattern with Wells Fargo. More…